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Intrusion Inc. Reports Third Quarter 2024 Results

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Intrusion Inc. (NASDAQ:INTZ) reported Q3 2024 financial results, highlighting a 49% sequential increase in Intrusion Shield revenue. The company secured a $2.0 million contract with the U.S. Department of Defense for cybersecurity services. Total revenue reached $1.5 million, up 3% sequentially. The company maintained a 77% gross profit margin and reduced its net loss to $(2.1) million, or $(0.35) per share, compared to $(3.2) million in Q3 2023. Intrusion signed 7 new Shield logos during Q3, bringing the year-to-date total to 18, with zero customer churn. Cash and cash equivalents stood at $1.1 million as of September 30, 2024.

Intrusion Inc. (NASDAQ:INTZ) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando un aumento sequenziale del 49% nel fatturato di Intrusion Shield. L'azienda ha ottenuto un contratto di 2,0 milioni di dollari con il Dipartimento della Difesa degli Stati Uniti per servizi di cybersecurity. Il fatturato totale ha raggiunto 1,5 milioni di dollari, in aumento del 3% rispetto al trimestre precedente. L'azienda ha mantenuto un margine di profitto lordo del 77% e ha ridotto la propria perdita netta a 2,1 milioni di dollari, pari a 0,35 dollari per azione, rispetto ai 3,2 milioni di dollari del terzo trimestre del 2023. Intrusion ha firmato 7 nuovi contratti Shield durante il terzo trimestre, portando il totale dall'inizio dell'anno a 18, senza alcun abbandono dei clienti. Le disponibilità liquide e equivalenti ammontavano a 1,1 milioni di dollari al 30 settembre 2024.

Intrusion Inc. (NASDAQ:INTZ) reportó los resultados financieros del tercer trimestre de 2024, destacando un aumento secuencial del 49% en los ingresos de Intrusion Shield. La empresa aseguró un contrato de 2,0 millones de dólares con el Departamento de Defensa de EE. UU. para servicios de ciberseguridad. Los ingresos totales alcanzaron 1,5 millones de dólares, un incremento del 3% secuencialmente. La compañía mantuvo un margen de utilidad bruta del 77% y redujo su pérdida neta a 2,1 millones de dólares, o 0,35 dólares por acción, en comparación con los 3,2 millones de dólares en el tercer trimestre de 2023. Intrusion firmó 7 nuevos logotipos de Shield durante el tercer trimestre, llevando el total del año a 18, sin pérdida de clientes. Efectivo y equivalentes de efectivo se situaron en 1,1 millones de dólares a fecha del 30 de septiembre de 2024.

Intrusion Inc. (NASDAQ:INTZ)는 2024년 3분기 재무 결과를 보고하며 Intrusion Shield 수익이 전분기 대비 49% 증가했다고 강조했습니다. 이 회사는 미국 국방부와 200만 달러 계약을 체결했습니다 사이버 보안 서비스에 대해. 총 수익은 150만 달러에 이르렀으며, 이는 전분기 대비 3% 증가한 수치입니다. 회사는 77%의 총 이익률을 유지하고, 순손실을 210만 달러, 주당 0.35달러로 줄였으며, 이는 2023년 3분기의 320만 달러와 비교됩니다. Intrusion은 3분기 동안 7개의 새로운 Shield 로고를 계약하여 연초 기준 총 18개로 늘렸으며, 고객 이탈은 없었습니다. 2024년 9월 30일 현재 현금 및 현금성 자산은 110만 달러에 달합니다.

Intrusion Inc. (NASDAQ:INTZ) a annoncé ses résultats financiers pour le troisième trimestre 2024, mettant en évidence une augmentation séquentielle de 49 % des revenus d'Intrusion Shield. L'entreprise a obtenu un contrat de 2 millions de dollars avec le Département de la Défense des États-Unis pour des services de cybersécurité. Le chiffre d'affaires total a atteint 1,5 million de dollars, en hausse de 3 % par rapport au trimestre précédent. L'entreprise a maintenu une marge brute de 77 % et a réduit sa perte nette à 2,1 millions de dollars, soit 0,35 dollar par action, contre 3,2 millions de dollars au troisième trimestre 2023. Intrusion a signé 7 nouveaux logos Shield au cours du troisième trimestre, portant le total depuis le début de l'année à 18, sans aucune perte de clients. Les liquidités et équivalents de liquidités s'élevaient à 1,1 million de dollars au 30 septembre 2024.

Intrusion Inc. (NASDAQ:INTZ) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 und hob einen sequenziellen Anstieg der Intrusion Shield-Einnahmen um 49% hervor. Das Unternehmen sicherte sich einen Vertrag über 2,0 Millionen Dollar mit dem US-Verteidigungsministerium für Cybersicherheitsdienstleistungen. Der Gesamterlös erreichte 1,5 Millionen Dollar, was einem Anstieg von 3% im Vergleich zum vorherigen Quartal entspricht. Das Unternehmen hielt eine Bruttogewinnmarge von 77% aufrecht und verringerte seinen Nettoverlust auf 2,1 Millionen Dollar oder 0,35 Dollar pro Aktie, verglichen mit 3,2 Millionen Dollar im dritten Quartal 2023. Intrusion unterschrieb im dritten Quartal 7 neue Shield-Logos, was das Jahr-zu-Datum-Gesamt von 18 auf 0 Kundenabwanderung brachte. Bargeld und Cash-Äquivalente beliefen sich zum 30. September 2024 auf 1,1 Millionen Dollar.

Positive
  • 49% sequential increase in Intrusion Shield revenue
  • Secured $2.0 million DOD contract
  • Zero customer churn in Q3
  • 24% year-over-year improvement in operating loss
  • Net loss per share improved from $(2.78) to $(0.35)
  • Added 7 new Shield logos in Q3
Negative
  • Overall revenue growth to 3% sequentially
  • Operating loss of $(2.0) million continues
  • Low cash position of $1.1 million
  • Gross margin slightly declined from 78% to 77% year-over-year

Insights

The Q3 2024 results reveal mixed signals for Intrusion Inc. $1.5 million in revenue represents minimal sequential growth at 3%, though Intrusion Shield revenue grew 49% sequentially. The $2.0 million DoD contract is a significant win, but the company continues to operate at a substantial loss of $2.1 million for the quarter.

The gross margin remains healthy at 77%, but operating expenses of $3.2 million still significantly exceed revenue. While the net loss per share improved from $2.78 to $0.35 year-over-year, this was partly due to debt conversion rather than operational improvements. The cash position of $1.1 million is concerning given the current burn rate, suggesting potential need for additional financing.

Zero customer churn and 7 new Shield logos in Q3 indicate growing market acceptance of Intrusion's cybersecurity solutions. The DoD contract is particularly noteworthy as government contracts often lead to expanded opportunities within the federal sector and validate the technology's effectiveness. However, the relatively small customer base (18 new logos year-to-date) suggests slow market penetration in a highly competitive cybersecurity landscape. The company needs to significantly accelerate customer acquisition to achieve sustainable growth and profitability.

Improved Intrusion Shield customer penetration continues to enhance financial performance

PLANO, TX / ACCESSWIRE / November 12, 2024 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, announced today financial results for the third quarter ended September 30, 2024.

Recent Financial & Business Highlights:

  • Intrusion Shield revenue for the third quarter increased by 49% on a sequential basis.

  • Awarded a $2.0 million contract with the U.S. Department of Defense for cybersecurity services.

  • Experienced zero Intrusion Shield customer churn during the third quarter.

  • Signed 7 new Intrusion Shield logos during the third quarter, bringing the year-to-date total new logo count to 18.

"During the third quarter, we continued to make progress toward improving our financial performance, highlighted by the forty-nine percent improvement in Intrusion Shield revenues we experienced on a sequential basis," said Tony Scott, CEO of Intrusion. "This improvement in our performance was driven by both our recently announced two-million-dollar Shield and Consulting contract that we signed with the U.S. Department of Defense to support its growing cybersecurity efforts and the addition of several other new Intrusion Shield logos over the past few quarters. We're encouraged by the strong momentum we are seeing for our Shield technology, and we anticipate this growth will help further improve our financial results in both the fourth quarter and in 2025."

Third Quarter Financial Results

Revenue for the third quarter of 2024 was $1.5 million, an increase of 3% on a sequential basis. The sequential increase in revenue during the third quarter of 2024 was driven by new customers signed in recent quarters, including the U.S. Department of Defense award for the use of both Intrusion Shield technology and Consulting services.

The gross profit margin was 77% for the third quarter of 2024, compared to 78% in the third quarter of 2023. Gross margin will vary based on product mix.

Operating expenses in the third quarter of 2024 were $3.2 million, an increase of $0.1 million sequentially and a decrease of $0.6 million from the comparable quarter of last year.

The net loss from operating activities for the third quarter of 2024 was $(2.0) million, representing a $0.7 million or 24% improvement on a year-over-year basis. The improvement was driven by lower operating expenses.

The net loss for the third quarter of 2024 was $(2.1) million, or $(0.35) per share, compared to a net loss of $(3.2) million, or $(2.78) per share for the third quarter of 2023. The significantly lower net loss is a result of both reduced operating expenses and reduced interest expense as a result of converting $9.5 million of senior debt to equity earlier in the year.

As of September 30, 2024, cash and cash equivalents were $1.1 million.

Conference Call

Intrusion's management will host a conference call today at 5:00 P.M., EST. Interested investors can access the live call by dialing 1-888-506-0062, or 1-973-528-0011 for international callers, and providing the following access code: 846531. The call will also be webcast live (LINK). For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. EST until November 26, 2024, by dialing 1-877-481-4010, or 1-919-882-2331 for international callers, and entering the following access code: 51213. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About Intrusion Inc.

Intrusion Inc. is a cybersecurity company based in Plano, Texas. The Company offers its customers access to its exclusive threat intelligence database containing the historical data, known associations, and reputational behavior of over 8.5 billion IP addresses. After years of gathering global internet intelligence and working with government entities, the company released its first commercial product in 2021. Intrusion Shield allows businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure. Intrusion Shield observes traffic flow and instantly blocks known or unknown malicious connections from entering or exiting a network to help protect against zero-day and ransomware attacks. Incorporating Intrusion Shield into a network elevates an organization's overall security posture by enhancing the performance and decision-making of other solutions in its cybersecurity architecture.

Cautionary Statement Regarding Forward-Looking Information

This release may contain certain forward-looking statements, including, without limitations, comments about the performance of protections provided by our Intrusion Shield product and any other words that react to management's expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof. They involve several risks and uncertainties, including, without limitation, the chances that our products and solutions do not perform as anticipated or do not meet with widespread market acceptance. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including risks that we have detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors."

IR Contact:
Alpha IR Group
Mike Cummings or Josh Carroll
INTZ@alpha-ir.com

INTRUSION INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)

September 30, 2024

December 31, 2023

(unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

$

1,051

$

139

Accounts receivable, net

924

364

Prepaid expenses and other assets

500

635

Total current assets

2,475

1,138

Noncurrent Assets:

Property and Equipment:

Equipment

1,886

2,069

Capitalized software development

3,688

2,791

Leasehold improvements

18

15

Property and equipment

5,592

4,875

Accumulated depreciation and amortization

(2,515

)

(1,955

)

Property and equipment, net

3,077

2,920

Finance leases, right-of-use assets, net

154

382

Operating leases, right-of-use assets, net

1,434

1,637

Other assets

274

171

Total noncurrent assets

4,939

5,110

TOTAL ASSETS

$

7,414

$

6,248

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities:

Accounts payable, trade

$

1,142

$

2,215

Accrued expenses

402

222

Finance lease liabilities, current portion

261

384

Operating lease liabilities, current portion

232

178

Notes payable

1,118

10,823

Deferred revenue

298

439

Total current liabilities

3,453

14,261

Noncurrent Liabilities:

Finance lease liabilities, noncurrent portion

-

3

Operating lease liabilities, noncurrent portion

1,394

1,539

Total noncurrent liabilities

1,394

1,542

Commitments and Contingencies

Stockholders' Equity (Deficit):

Series A preferred stock, $0.01 par value: Authorized shares - 20; Issued and outstanding shares - 9 in 2024 and 0 in 2023

8,946

-

Common stock, $0.01 par value: Authorized shares - 80,000; Issued shares - 7,516 in 2024 and 1,848 in 2023; Outstanding shares - 7,515 in 2024 and 1,847 in 2023

75

18

Common stock held in treasury, at cost - 1 share

(362

)

(362

)

Additional paid-in capital

110,001

101,049

Accumulated deficit

(116,050

)

(110,217

)

Accumulated other comprehensive loss

(43

)

(43

)

Total stockholders' equity (deficit)

2,567

(9,555

)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

$

7,414

$

6,248

INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Revenue

$

1,504

$

1,468

$

4,095

$

4,245

Cost of revenue

344

324

920

967

Gross profit

1,160

1,144

3,175

3,278

Operating expenses:

Sales and marketing

1,207

1,357

3,542

4,518

Research and development

1,150

1,171

3,204

4,418

General and administrative

841

1,309

2,972

4,000

Operating loss

(2,038

)

(2,693

)

(6,543

)

(9,658

)

Interest expense

(12

)

(211

)

(274

)

(729

)

Interest accretion and amortization of debt issuance costs, net

-

(309

)

990

(730

)

Other (expense) income, net

-

2

(6

)

43

Net loss

$

(2,050

)

$

(3,211

)

$

(5,833

)

$

(11,074

)

Net loss per share:

Basic

$

(0.35

)

$

(2.78

)

$

(1.49

)

$

(10.13

)

Diluted

$

(0.35

)

$

(2.78

)

$

(1.49

)

$

(10.13

)

Weighted average common shares outstanding:

Basic

6,557

1,154

4,264

1,093

Diluted

6,557

1,154

4,264

1,093

SOURCE: Intrusion Inc.



View the original press release on accesswire.com

FAQ

What was Intrusion's (INTZ) revenue in Q3 2024?

Intrusion reported revenue of $1.5 million in Q3 2024, representing a 3% sequential increase.

How much was the Department of Defense contract awarded to Intrusion (INTZ)?

Intrusion secured a $2.0 million contract with the U.S. Department of Defense for cybersecurity services.

What was Intrusion's (INTZ) net loss per share in Q3 2024?

Intrusion reported a net loss of $(0.35) per share in Q3 2024, compared to $(2.78) per share in Q3 2023.

How many new Shield customers did Intrusion (INTZ) add in Q3 2024?

Intrusion added 7 new Shield logos in Q3 2024, bringing the year-to-date total to 18 new customers.

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